What Would Happen If Everyone on the Planet Used Resources

question 39

Multiple Choice

What would happen if everyone on the planet used resources and lived the average lifestyle of an American?

• A) The Earth would have the carrying capacity to sustain the human population.
• B) The population growth rate would immediately decrease.
• C) We would need multiple Earths for this to be possible.
• D) There would be same number of people in less-developed countries as there are Americans.

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Definitions:

External Benefits

Benefits of a good or service that are not captured by the market price and are received by third parties.

Competitive Market

A market structure characterized by many buyers and sellers, free entry and exit, and products that are similar but differentiated.

Maximize Profit

The goal of adjusting production or service levels to achieve the highest possible returns.

Equilibrium Quantity

The quantity of goods or services supplied that is equal to the quantity demanded at the market equilibrium price.